Commonwealth Consolidated Acts Commonwealth Consolidated Acts1 Paragraph 1(b) of Part I of Schedule 7
Repeal the paragraph, substitute:
(b) for each part of the ordinary taxable income specified in the table applicable to the year of income--the rate applicable under that table.
2 Clause 1 of Part I of Schedule 7 (table)
Repeal the table, substitute:
Tax rates for resident taxpayers for the 2018 - 19, 2019 - 20, 2020 - 21 or 2021 - 22 year of income | ||
Item | For the part of the ordinary taxable income of the taxpayer that: | The rate is: |
1 | exceeds the tax - free threshold but does not exceed $37,000 | 19% |
2 | exceeds $37,000 but does not exceed $90,000 | 32.5% |
3 | exceeds $90,000 but does not exceed $180,000 | 37% |
4 | exceeds $180,000 | 45% |
Note: The above table will be repealed on 1 July 2024 by the Treasury Laws Amendment (Personal Income Tax Plan) Act 2018 .
Tax rates for resident taxpayers for the 2022 - 23 or 2023 - 24 year of income | ||
Item | For the part of the ordinary taxable income of the taxpayer that: | The rate is: |
1 | exceeds the tax - free threshold but does not exceed $41,000 | 19% |
2 | exceeds $41,000 but does not exceed $120,000 | 32.5% |
3 | exceeds $120,000 but does not exceed $180,000 | 37% |
4 | exceeds $180,000 | 45% |
Note: The above table will be repealed on 1 July 2026 by the Treasury Laws Amendment (Personal Income Tax Plan) Act 2018 .
Tax rates for resident taxpayers for the 2024 - 25 year of income or a later year of income | ||
Item | For the part of the ordinary taxable income of the taxpayer that: | The rate is: |
1 | exceeds the tax - free threshold but does not exceed $41,000 | 19% |
2 | exceeds $41,000 but does not exceed $200,000 | 32.5% |
3 | exceeds $200,000 | 45% |
3 Paragraph 4(a) of Part I of Schedule 7
After "the table in clause 1", insert "that is applicable to the year of income".
4 Paragraph 1(b) of Part II of Schedule 7
Repeal the paragraph, substitute:
(b) for each part of the ordinary taxable income specified in the table applicable to the year of income--the rate applicable under that table.
5 Clause 1 of Part II of Schedule 7 (table)
Repeal the table, substitute:
Tax rates for non - resident taxpayers for the 2018 - 19, 2019 - 20, 2020 - 21 or 2021 - 22 year of income | ||
Item | For the part of the ordinary taxable income of the taxpayer that: | The rate is: |
1 | does not exceed $90,000 | The second resident personal tax rate |
2 | exceeds $90,000 but does not exceed $180,000 | 37% |
3 | exceeds $180,000 | 45% |
Note: The above table will be repealed on 1 July 2024 by the Treasury Laws Amendment (Personal Income Tax Plan) Act 2018 .
Tax rates for non - resident taxpayers for the 2022 - 23 or 2023 - 24 year of income | ||
Item | For the part of the ordinary taxable income of the taxpayer that: | The rate is: |
1 | does not exceed $120,000 | The second resident personal tax rate |
2 | exceeds $120,000 but does not exceed $180,000 | 37% |
3 | exceeds $180,000 | 45% |
Note: The above table will be repealed on 1 July 2026 by the Treasury Laws Amendment (Personal Income Tax Plan) Act 2018 .
Tax rates for non - resident taxpayers for the 2024 - 25 year of income or a later year of income | ||
Item | For the part of the ordinary taxable income of the taxpayer that: | The rate is: |
1 | does not exceed $200,000 | The second resident personal tax rate |
2 | exceeds $200,000 | 45% |
6 Paragraph 4(a) of Part II of Schedule 7
After "the table in clause 1", insert "applicable to the year of income".
7 Clause 4 of Part II of Schedule 7 (example)
Repeal the example.
8 Clause 1 of Part III of Schedule 7
Omit "following table", substitute "table that is applicable to the year of income".
9 Clause 1 of Part III of Schedule 7 (table)
Repeal the table, substitute:
Tax rates for working holiday makers for the 2018 - 19, 2019 - 20, 2020 - 21 or 2021 - 22 year of income | ||
Item | For the part of the taxpayer's working holiday taxable income that: | The rate is: |
1 | does not exceed $37,000 | 15% |
2 | exceeds $37,000 but does not exceed $90,000 | 32.5% |
3 | exceeds $90,000 but does not exceed $180,000 | 37% |
4 | exceeds $180,000 | 45% |
Note: The above table will be repealed on 1 July 2024 by the Treasury Laws Amendment (Personal Income Tax Plan) Act 2018 .
Tax rates for working holiday makers for the 2022 - 23 or 2023 - 24 year of income | ||
Item | For the part of the taxpayer's working holiday taxable income that: | The rate is: |
1 | does not exceed $41,000 | 15% |
2 | exceeds $41,000 but does not exceed $120,000 | 32.5% |
3 | exceeds $120,000 but does not exceed $180,000 | 37% |
4 | exceeds $180,000 | 45% |
Note: The above table will be repealed on 1 July 2026 by the Treasury Laws Amendment (Personal Income Tax Plan) Act 2018 .
Tax rates for working holiday makers for the 2024 - 25 year of income or a later year of income | ||
Item | For the part of the taxpayer's working holiday taxable income that: | The rate is: |
1 | does not exceed $41,000 | 15% |
2 | exceeds $41,000 but does not exceed $200,000 | 32.5% |
3 | exceeds $200,000 | 45% |
10 Subsection 3(1) (definition of second resident personal tax rate )
Repeal the definition, substitute:
"second resident personal tax rate" means the rate mentioned in item 2 of the table in clause 1 of Part I of Schedule 7 that is applicable to the year of income.
11 Subsections 20(1) and (2)
After "table", insert "applicable to the year of income".
12 Paragraphs 28(b), 28A(b) and 29(2)(a)
After "table", insert "applicable to the year of income".
13 Part IV
Repeal the Part.
14 Repealed law continues for relevant years of income
Despite the repeal of Part IV of the Income Tax Rates Act 1986 by this Part, that Part continues to apply, in relation to assessments for a temporary budget repair levy year, as if that repeal had not happened.
Note: The temporary budget repair levy years are the years of income corresponding to the 2014 - 15, 2015 - 16 and 2016 - 17 financial years (see former section 32 of the Income Tax Rates Act 1986 ).
15 Subparagraph 2(b)(ii) of Division 2 of Part I of Schedule 8
Repeal the subparagraph, substitute:
(ii) the words "exceeds the tax - free threshold but" were omitted from item 1 of the table applicable to the year of income in Part I of Schedule 7.
16 Paragraph 2(b) of Part I of Schedule 10
Repeal the paragraph, substitute:
(b) the words "exceeds the tax - free threshold but" were omitted from item 1 of the table applicable to the year of income in Part I of Schedule 7.
Income Tax (Transitional Provisions) Act 1997
17 Subsection 4 - 11(2) (note)
Repeal the note.